Asked by
Tamara Washington
on Oct 26, 2024Verified
Good X and good Y are substitutes.Holding all other things constant,this means that,when the price of good X increases,the demand for:
A) good X will increase.
B) good Y will increase.
C) both good X and good Y will increase.
D) good Y will decrease.
Substitutes
Goods or services that can be used in place of each other, where the increase in the price of one leads to an increase in demand for the other.
Price Increases
Occurs when the cost of goods or services rises over a period of time.
Demand for Good
Demand for good refers to the quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.
- Investigate the consequences of price fluctuations of substitutes and complements on consumer demand.
Verified Answer
RE
Learning Objectives
- Investigate the consequences of price fluctuations of substitutes and complements on consumer demand.